Competition Cars and Classics was actually formed in 2013. I was working for a new car dealership and wanted to pursue my dream of opening my own dealership.
My dream was to have a variety of modern and classic cars in inventory. In 2013 we found a secure lot, made an offer and began the process of buying our own place.
We were excited and ready to get underway. We got the bank loan approved and formed Competition Cars and Classics.
About 3 weeks before our loan closing, the bank called and said someone at the corporate level had overruled the approval and wanted a substantially larger down payment.
At that time, we did not have the kind of money they wanted. The banker told me he would get it taken care of and not to worry.
The person selling the lot, was also a member of this same bank. He heard of the issue with closing and had another buyer ready.
The other buyer was approved and we lost out on that lot.
We already had our Company LLC formed at this time.
It took us two more years to find a suitable location to open. We opened in Troutville VA in 2015 as Competition Cars and Classics LLC. This location did not have a suitable secure area for the classic cars. In 2016 we found our current location at 610 W 4th St in Salem. This lot offered much more road traffic, a larger population, a two car garage, and a paved lot. It was a no brainer to move, yet we still did not have a secure area.
So here we are, almost 6 years later. Our business model does not include classics cars, as much as we'd like to. We kept our name, as it is a difficult proceeding to change, and we have grown known by our name in the community.
Competition Cars and Classics is owned and operated by Kenny and Jennifer Martin. We do wish we had the space for the classics, because it is a passion of mine.